Congratulations—you’ve made it to 2009! Whether you’re a veteran business, a start-up, or a budding entrepreneur, lets all take the recession bull by the horns and shout, “Bring it on!” But before we put on our suit of armor and head out to the battlefield, there’s never been a better time to take a close look at your business and decide where you want to go from here. No good solider goes to war unless they have a solid plan for survival. So, is your business prepared to survive? Here are four questions you can ask yourself to find out.
WHERE’S YOUR BUSINESS PLAN?
Did you start one? If so, is it finished or just outdated? We’re all small business owners, so we can be honest with each other and say that getting your business plan started or even completed is truly a matter of serious discipline. Your Business plan is your roadmap to success. It helps you effectively plan for pitfalls, outline profit potential, and plan for future growth. Even if you’re an independent distributor or an affiliate program marketer, a business plan can help you effectively plan your growth strategy.
You need to know where you’re going before you can effectively forge ahead. If you haven’t started your business plan yet, I recommend the FREE MiniPlan by Palo Alto software to help get you started. It can help you create an effective outline for the real thing. If you would like someone to help you create and write your plan, MasterPlans.com comes highly recommended.
WHAT’S YOUR FINANCIAL OUTLOOK?
This is probably the toughest question of all. If you’re a typical small business owner you have a substantial amount of debt that was used to help you fund your dreams. Whether it’s revolving credit cards or a line of credit, you need to know if you can sustain making your monthly payments toward those debts even when profits are down. If you need to go to the banks, a recent BusinessWeek article, The Credit Outlook for Small Business, states the credit climate may be extremely cold for a while, so this is a good time to take a look at your financial options to make sure you have a Plan A, B, C and D, when it comes to obtaining additional capital.
ARE YOUR ASSETS PROTECTED?
Most people don’t like to think about a potential lawsuit, or possible data breaches, which is why having insurance and legal protection is a must! You don’t have to have thousands of dollars to afford an attorney either. I actually belong to a great plan that provides you with invaluable access to a local attorney. If you’re interested in learning how to protect your business legally, and save money doing it, please shoot a message to my inbox—you should not own a business without access to an attorney.
You should also explore several options for insurance. If you’re a storefront, General Liability is a must; however if you’re an online business, knowing about coverage for cyber or Internet Insurance can be extremely beneficial. To explore several different insurance types, you can visit Business.Gov.
WHAT’S YOUR EXIT STRATEGY?
When I started my business, the last thing on my mind was trying to figure out what to do if my business failed. I mean seriously, who wants to think about pre-planning a funeral for your business? Regardless of how you feel about it, you should at least have the blueprint for an exit strategy. What will happen if you just can’t seem to keep the water from sinking your boat fast enough? Will you sell your business, seek an angel investor, or take on partnerships? These are all options you should weigh when thinking of an exit strategy. BiznessDoor.com has featured a great article from entrepreneur.com regarding planning an effective exit strategy.
I’m proud to belong to such a stellar group of savvy and determined entrepreneurs. Keep up the good work and please shoot me an email to let me know how you’re doing. Happy New Year!
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